Bridgetown.
Minister of Finance Chris Sinckler explained Barbados economic strategy to the International Monetary Fund and rating agencies Standard and Poor and Moodys, while he was in Washington for a meeting of the World Bank last week.
Sinckler told the three agencies Barbados balance of external payments had been stabilized , as a result there was no decline in foreign reserves of the country and the exchange rate remained secure.
The Minister also indicated that because of weak economic performance in the United Kingdom and the United States, there has been little economic growth forcing the Government to increase taxes and cut spending to ensure that Barbadian imports do not exceed the available foregin exchange inflows.
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